ICICI Bank shares gain 4.3 per cent on value buying
Posted on: 01:40 PM IST Mar 21, 2013
Mumbai: Shares in ICICI Bank gain 4.3 per cent, heading towards its biggest single-day gain since November 29, 2012, on value buying after steep recent falls over allegations of money laundering by a local journalist.
Traders say the gap between ICICI Bank's local shares and American Depositary Receipt has significantly increased, making a good risk-reward for buying the local stock.
ICICI Bank's local shares fell 12.1 per cent in the past two weeks to close at 1,001.55 rupees on Wednesday, while its ADR fell 9.6 per cent in the same period to $40.6.